From compliance to DR, the Cloud empowers credit unions.
Kyle Stutzman sat down with Mike Lawson at the 2020 CUNA GAC, and talked trending credit union cloud strategies on the CU Broadcast.
Cloud has percolated back to the surface of conversations across industries, leading the strategic plan for a robust, secure and compliant credit union. Cloud technologies have matured into a reliable, viable, and preferred method for financial services. For credit unions, this also ignites security concerns with encryption, active backups and additional safety measures.
Cloud strategies have gone from trendy, to smart. Flexible, salable and resilient options exist in public clouds, with leading popular tools in Microsoft and Amazon solutions.
"Security needs configuration and planning, but now we can control our encryption key, and [this is] being validated and tested in both peer and external industry leaders," Stutzman remarks on key benefits Cloud strategies offer credit unions.
He continues, "the trend now is that credit unions are taking control of these options on their own."
Top elements of a compliant Cloud credit union roadmap include:
- Security first, examining the entire suite of services and not just the exchange.
- Using cloud for Disaster Recovery and scaling
- Partnerships empower the credit union , and are familiar to examiners.
Cloud strategies for credit unions are not cookie - cutter, and include private, public and hybrid options. This removes the need to own hardware and commit to the unknown, bringing cost and time savings for both short and long-term projections.
The value depends on the specific credit union priority based on mapping the long-term strategic goals creating benchmarks along the way.
Cloud strategies create flexibility never before had at the leadership level, freeing organisations from pricey and lengthy vendor contracts.
"If a CEO wants to make a change today, they are free to do so. Unlocking contracts creates the ability to adapt to environment changes on the spot," improving membership experience and staff service.
The Cloud has made technology a catalyst of purpose, creating an efficient service highway for the credit union.
To see more interviews like this one with Mike Lawson, please visit his CU Broadcast.
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